Partnership Agreement to Dissolve on Death or Insolvency

A partnership agreement sets forth the terms and conditions that govern the relationship between business partners and their obligations to the partnership. As drafted, this partnership agreement places restrictions on the acts of each partner and also sets a process for disagreement whereby a partner may offer to buy the partnership interests of another partner. The agreement provides that the partnership will dissolve upon the death or insolvency of one of the partners. This long-form template contains standard provisions common to partnership agreements but can be customized to ensure that the understandings of the parties are properly set forth.